The global Tequila Market size is expected to reach USD 14.35 billion in 2028 and register a revenue CAGR of 5.4% over the forecast period, according to the latest report by Reports and Data. Steady market revenue growth of tequila can be attributed to surging demand for premium alcoholic beverages. In the U.S., increasing consumer preference for premium alcohol is a major factor driving demand for spirits, such as tequila. Increasing requirement for authentic tequila with diverse flavors, as well as rising inclination for innovative and quality products by millennials is pushing market players to include wide variety of products to meet the demand of diverse consumer tastes.
Steady market revenue growth of tequila can be attributed to surging demand for premium alcoholic beverages. In the U.S., increasing consumer preference for premium alcohol is a major factor driving demand for spirits, such as tequila. Increasing requirement for authentic tequila with diverse flavors, as well as rising inclination for innovative and quality products by millennials is pushing market players to include wide variety of products to meet demand of diverse consumer tastes.
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Key Players:
Major companies in the market include Bacardi Ltd., Campari America LLC, Diageo PLC, Eastside Distilling Inc., Ambhar Global Spirits LLC, Becle SAB De CV, Constellation Brands Inc., Brown-Forman Corporation, E. and J. Gallo Winery, and Tequila Ocho.
Some Key Highlights from the Report:
- By product type, Blanco segment accounted for largest revenue share in 2020. Blanco tequila is 100% pure agave tequila. Blanco tequilas are considered to have superior health benefits among all product types. Blanco tequila is a freshly distilled spirit with just agave flavor. Extensive use of Blanco variants in several cocktails, including Paloma and Margarita is responsible for high market revenue share of this segment.
- By grade, premium segment contributed for a significant revenue share in 2020. Premium-grade tequila comprises all features, such as mouthfeel, sensory appeal, and texture, that are much in demand from consumers. Increasing demand for premium varieties of spirits amongst millennials is fueling revenue growth of this segment.
- By distribution channel, on-trade sales segment accounted for larger revenue share in 2020. On-trade distribution channel is major means to serve alcoholic beverages. In developed economies, consumers desire faster servings and better ambience of bars, clubs, restaurants, and hotels.
- Market in North America accounted for largest revenue share in 2020, due to increase in tequila consumption in countries such as the U.S., Canada, and Mexico. In addition, presence of leading tequila producers and growing demand for the product in corporate parties are causing high market growth.
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For the purpose of this report, Reports and Data has segmented the tequila market based on product type, grade, application, distribution channel, and region:
Product Type Outlook (Revenue, USD Million; 2018-2028)
- Blanco
- Reposado
- Añejo
- Others
Grade Outlook (Revenue, USD Million; 2018-2028)
- Value
- Premium
- High-end Premium
- Super Premium
Application Outlook (Revenue, USD Million; 2018-2028)
- Corporate Hospitality
- Family Dinner
- Others
Distribution Channel Outlook (Revenue, USD Million; 2018-2028)
- On-trade Sales
- Off-trade Sales
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Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
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- PEST analysis of the market in the five major regions.
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